Nick Williams, our Managing Director of Consumer Digital, tells us about a new feature to help Halifax customers manage their money more accurately.
We’re continually looking at simple ways in which we can improve the value and convenience for our customers when they choose to manage their money online. Through our Halifax brand, we’ve launched Balance Extra, an online banking feature which provides a simple view of the amount of money our customers actually have available to them.
In simple terms, Balance Extra automatically deducts scheduled payments, such as Standing Orders and Direct Debits, alongside any transactions that haven’t yet shown up in the statement. This then provides a forecast for how much money will be left before the next payday, giving insight into personal cashflow. Qualifying Halifax Ultimate Reward Current Account and Reward Current Account customers will be able to view the amount when they log in to online banking.
We’re hoping this will make a real difference to our customers, allowing them to see a forward looking account balance in a really simple and straightforward way, which will make them more informed when it comes to spending decisions. The convenience of having access to see how much money is available to spend when shopping, wherever and whenever you need it will help avoid financial strain later in the month.
This is yet another example of the research we discovered in our recent Consumer Digital Index report which told us that on average people who are online can save on average £744 a year by being more aware of deals and tools available to them.